As 2018 comes to a close, many taxpayers are looking to the future to see what 2019 will hold. For some, that includes a 1031 exchange of real estate. In this article, we are going to offer some tips to best prepare yourself for a 1031 exchange in 2019.
Start Preparing Now
Preparation is the name of the game when it comes to 1031 exchanges. The earlier you begin the preparation phase, the more likely your exchange will succeed. Don’t wait until the first of the year to begin preparations for your exchange. Start the initial stages of the process early by contacting a qualified intermediary.
Compile the Necessary Information
There is a lot of information you need to give your intermediary in order for them to set up the exchange for you. It’s a good idea to start compiling this information early in the process so you can give it to the intermediary when needed.
Talk to Your CPA
It’s always a good idea to consult with your CPA or accountant regarding your 1031 exchange. Your exchange will have a significant impact on your tax filing so you need to make sure you and your tax planner are on the same page.
Start Your 1031 Exchange in 2019!
If you’re thinking of doing a 1031 exchange in 2019 – now’s the time to prepare! Contact a qualified intermediary to see if your property qualifies and get started with the process. Give us a call today to learn more about our 1031 exchange services and set up a time to chat with our qualified intermediaries. Our primary office is located in downtown Minneapolis but we work with clients throughout the state of Minnesota and around the United States.
Start Your 1031 Exchange: If you have questions about 1031 exchanges, feel free to call me at 612-643-1031.
Defer the tax. Maximize your gain.
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